Legislation

Advice is set for a dramatic shift towards deregulation, with the Levy proposal paper sketching a plan to ditch statements of advice and best interest duty in favour of a new “good advice” directive.

Funds have adapted to the test’s metrics, but the consequent risk aversion could put the industry in “limp mode” and curb performance.

The chair will take a hard line on DDO and crack down on scams, but his major concern is crypto misinformation. “My job is to be frank with the Australian people,” he said.

The new regime will help firms identify and act on breaches a lot quicker than before.

Once the advice review is completed, the minister has asked Treasury to look at updating the ethics code and assessing the viability of a shortened adviser exam.

The review will consider “the consequences of time lags between regulatory action and cost allocation”, the terms of reference states.

The global ETF and would-be superannuation fund provider believes a scaled compliance model would better serve the domestic advice market.

Ombudsman the most likely source of remediation for aggrieved clients.

Specialist self-managed super fund advisers need to tread cautiously before giving a client “wholesale investor” status.

The fact that just 281 complaints were lodged about ‘failure to act in client’s best interests’ and 241 for the providing “inappropriate advice’, shows the legislative changes may well be having a positive impact on the industry. 

Tuesday provided a dour outlook for the Australian economy as inflation continues to dent consumer and business confidence.

Under the updated RG276, ASIC has made it clear that any retirement calculator must be agnostic to product.